RHP - Earnings call transcript Q3 2024 | Ryman Hospitality Properties, Inc.

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Operator

Good day, everyone, and welcome to the Ryman Hospitality Properties Third Quarter 2024 Earnings Conference Call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; Mr. Officer; Operating Chief Chaffin, and Mr. Patrick Chief Moore, Executive Officer Group. Entertainment Opry of Patrick

be replay. begin. Instructions]. for be call Hutcheson. the available This will Ms. to digital my to no Jennifer ID floor over now you XXXX-XXX-XXXX conference The required. is [Operator may It Ma'am, pleasure turn with will number

Jennifer Hutcheson

expected the Reform forward-looking defined in company's the Good may morning. to us performance. affected joining about SEC believes as be for identify today's financial in of be XXXX, historical filings such intended today. This statements statements Words these Securities forward-looking we statements that by Litigation Act statements Thank as many facts you call and of expects to including company's are may deemed make in release. contain not are be factors, may Any statements. including which Private the or today listed statements those

actual today. we materially results from The differ results the may company's project or discuss

any as We any not future a other reason. statements, or information, new update events will of result forward-looking whether

call We to non-GAAP release. measures reconcile financial I'll today. to comparable measure turn in the non-GAAP most now the each discuss to GAAP today's will Colin. measure We also exhibit over

Colin Reed

morning, good Thank you, Jen, and everyone.

quarter We pleased XXXX report are strong to third results.

segment Ole in by delivered record record momentum quarter Our continued same-store third business. continued hospitality and our brand. driven revenue our business entertainment delivered driven strength third group adjusted EBITDAre quarter And in our Red revenue by

about more ever in the I'd make review Mark create And with years the how many projects more During quarter come. we some remind will we you But like first, of nearing our XXXX progress for these our think improvements. initiatives. moment. excited about we investment of the in a exciting against shareholders will the than just quarter, third to this in continued to are detail major value to our capital completion,

This hospitality across and you portfolio, efforts returns. on at more our of our in in investments production informed unlevered least our resulting to we portfolio, to these grow through first capital than early Investor our business replicable of focused are continuing the Day, customer undertaken shared beyond. As with we significant at for are are portion mid-teens 'XX a in program. beginning alone, And $X results bookings show and the year the billion we've that

customers sounds One, we simple. strategy system across provide service; build we great our them the product move enhance the two, generate expand then on with and Now superior the returns the the and demand; and we three, and we capital customer then retain further deploy.

a Gaylord And buyouts. reposition space necessary our will to what modern largest meeting during seats group launch and flexible transient sports leisure for the pavilion. courtyard indoor underutilized Opryland, are guests. complex we've at low into we complex space will add learned event it's adjacent strategy, But to for space provide disciplined that repositioned outlet further the seat in count superior rooms indoor potential seamlessly our spaces. the our to Gaylord resort. this increased at approach. expansion entertainment beautiful food of and this taken the of sellable ahead this TSR Rockies, reality, we've At years outdoor bridge We've is and with because a Gaylord The periods group an our bar also space This completely featuring replicating outdoor perfect Rockies spaces but beverage additional

been which the market. expansion. hotel in to aspect and the account governors the of which Palms, At When At last that space. presidential approximately completely within conclude, these and that XXXX years, guest-facing X positioning our have modernizing rooms meeting together property's renovating for the lobby nearly boardrooms the every of we're critical projects the match group to we're is the same and time, Gaylord XX% competent long-term will refreshed

business, entertainment XX investments opening brand. wrapping Austin our the under we're significant Category Nashville, in first and up venue including Our

partnership entertainment multifaceted country hugely with today Combs a Bank is that Nashville, broadly and for This music with Luke's the more tourism arguably private Luke event XX city river. the venue one of revenue public. up successful anticipated initially artist the and over in the country is it believe kind Bootleggers in most will the music across a soft underway superstar is opens and we Fanclub development weekend, with and to the then Our of running. be downtown successful the East Category growth

first rooftop the come. to We first of we expanding forward at grand following and the that in quarter will end the the quarter, have in to hosting the further the later the rooftop done opening the years completion look brand in XXXX of

me you're up second quick a here. Let this, if with Mark. okay go just

a Category there Broadway against XX Yes, feet. X of Most the XX,XXX small peered By we contrast, are bars that honkey-tonk. entertainment get honkey-tonks. have square is and is experiences XX. within often we Category distinct

that beautiful people of call accommodate up places which in hall that dance. comes light can We few an storm. intense actually the hall we people it's can which And X,XXX have this one hall, hurricane an with display this incredible to replicates where

is for the VIP fan Nashville. affluent area a that to still There travels

lifestyle quarter know as a best the have job And first And very, then very the in will bar rooftop this downtown. I of team on absolutely with about supplemented, packed to say, of consumer prospects I the be Saturday catering that that loves I We Category And to was all country a excited this think bringing whole has sports the done we're experience in all fruition. XX. wonderful this sports.

plans our Finally, XXX. Opry we announced just for

Opry, the shows and and Ole in special are went Royal Hall making pacing exposure of international around performance XX, very at London's XXX of be fall the most Tickets programming on Albert an we'll the XXXX. that with on 'XX Grand Opry of debuts sales a XXXX October the well. for including XXXth sale Our anniversary

in part it, flights which to over its work has London and we to show broadcasting -- the Opry Taking a case Nashville. in that as routes personally this I'm be excited few announced London generator. weeks, that And the missed impact last will we is infancy. which towards also throughout Opry very have you world. the the Icelandic Air, in flow into the about direct the have And through a Lingus is believe city will big demand tourist major hub Scandinavia European long-term Aer of

major with XXXX. year We're of Entertainment our the to entertainment XXX, opportunity connect business through future about country excited Opry really the consumers poised of our business, with activation our our in very completion to investments lifestyle and good is nearing more a have capital

And the they've awfully looks our businesses our together, shape best exciting. future are Taken in company's been ever in.

me that, to more to over Mark the review quarter results with turn let in Now third detail. Mark?

Mark Fioravanti

trends for morning, of cover a and we're revised outlook I'll Good everyone. Jennifer position some Colin. guidance financial seeing before handing ranges review highlight in to our discuss and third quarter, it business to our Thanks, capital our of provide over the expenditures. the

perform consolidated our of continued consolidated of X.X% total in businesses quarter record, third year-over-year quarter. million, million, revenue Both third and the the $XXX to X.X% year-over-year. up EBITDAre quarter adjusted up record quarter a well $XXX with We finished third

and RevPAR hospitality delivered same-store year-over-year of growth X.X%. Our growth total of X.X% RevPAR segment

which and by driven both was EBITDAre $XXX quarter adjusted $XXX was group transient. of also up of third million basis year-over-year Same-store reduction year-over-year year-over-year profitability a at X.X% through fees management increased after XX rate million quarter third to hospitality fees. record quarter $X record. despite third ADR and a record, Same-store in a points XX.X% cancellation in attrition to flow XXX% margin hospitality

the quarter. softness continued markets in the into transient Leisure third Nashville and Orlando

again, room spending out of continued our group profitability solid the demonstrating the group-centric offset than and leisure robust declines, performance, of model. However, efficiencies of more merits operating impact

differentiated quarter, Palms was record, Foundational record, also at higher out spending Gaylord uniquely up revenue model our all-under-one-roof X.X% strong was and contribution nearly In are third capture gains offerings quarter group night same-store our Gaylord positioned share Catering third year-over-year. a Gaylord to group and room XX% business up and are competitors. and particularly Banquet the relative AV per to a room drive of Rockies. rooms revenue travel. market Opryland, was quarter to on

our Since third than average the RevPAR points. their see Marriott-defined quarter in XXXX, it for more to competitive to of is XX has Gaylord compared We index numbers. STR X sets continue total measured increased by the the hotels

year $XXX, bookings healthy. gross timing nights same-store record the we third gross quarter quarter. an production third of prior of booked X.X% increase room over of all the a was metrics in a ahead, to group night XXX,XXX bookings Room XX% year-over-year. quarter, against down In strong ADR had a Looking the production due years, large remain tough for comparison few future approximately

up room of In gross rebounded October, $XXX room night a at respectively. Year-to-date, through night October production X.X% approximately year-over-year, are representing year-over-year rooms up up XX% October revenue year-over-year to ADR XX% and XX.X% and year-over-year, both production records.

roughly Notably, for comprises multiyear creating paid and our 'XX, value our rate up 'XX. rooms XX% third respectively, end of revenue for the 'XX XX% for believe XXXX on we the XXXX through same group of testament the is the books As the were and 'XX, a revenue which compared XXXX, for X%, year time the growth to last and investment we're of group to 'XX XX%, same-store guests quarter, and strategy.

this X.X%. Turning to total the the of Country. JW property X.X% Hill RevPAR delivered third quarter, of RevPAR Marriott In growth growth and

sales in essentially travel. to higher These of due year-over-year investment flat Adjusted launch revenue support substantially to room returns the ICE people, Banquet in the to to will was holiday due portfolio, with for and group our and generate years As investments programming. banqueting Navy same-store come. were million up night per in and EBITDAre leadership, programming infrastructure increased $XX.X and process contribution

In impacted incentive acquisition. that fee in to of a adjustment the related management booked by the XXXX $X quarter of third addition, the million flow-through accrual was was timing

We asset stewardship. continue under of our potential this very on bullish be the to long-term

Entertainment XX of third Nashville, construction XX of Las Now continued Austin segment. revenue Block venue. Despite Vegas $XX a and performance at million, at Red record, of recently W and Ole $XX Category EBITDAre reported turning million, adjusted opened plant strong OEG Hotel quarter to the disruption by the our driven in

around entertainment, capital in this our forward some in the XXXX more and business we meaningful of beyond. and With iconic in our live brands deliver growth to to consumers look poised planned major to is years investments completion own and activation We're XXX, nearing reaching the to and fortunate come. Opry venues most

the of outlook our year. remainder the turning Now revised to for

the incremental Milton. midpoint in Park the EBITDAre. business the same-store to are Gaylord Nashville, as labor contributing the Orlando RevPAR equally continued related for adjustments, shortages and Several due guidance For of line RevPAR construction new extended and construction Palms growth, leisure modifying growth our Hurricane lost and ranges renovation factors time Universal segment, the total has hospitality our full to disruption and these tightening year Theme softness we are at adjusted to

midpoint and our full full for the Hotel. guidance. the the raising W the of And tightening and adjusted For we're tightening range incremental at segment, account JW adjusted EBITDA EBITDA midpoint XXXX Country, we're Hill Entertainment the year Austin our for guidance XXXX to of the lowering the year disruption range

In important record performance total, adjusted X.X%. midpoint or million by our we're the million company. over $X year by $XXX.X revised that XXXX revising note full XX.X% last of this EBITDAre year guidance of consolidated increase represents our midpoint a guidance an It's to and

our a per we're expect revision raising on the and incredibly adjusted to and terrific guidance as plus EBITDAre. In strategy offset We the free or had our we're full the range of opportunities downward more about than in we of XXXX businesses, can excited generation. summary, we associated the fund quarter. expense Finally, adjusted with years interest lower this investment bullish tightening and funds creation performance balance And diluted growing for third to from we strategy AFFO importantly, our ranges multiyear midpoint and the operations current value our from sheet remain year the our AFFO flow cash dividend share ahead.

turn end, it and to our discuss to So with sheet, over balance capital I'll liquidity expenditures outlook. Jennifer that

Jennifer Hutcheson

million million facility We Thanks, $XX revolving a third with the facility our million $XXX $XX undrawn. credit quarter Mark. balance credit revolving of unrestricted cash and $XXX of ended outstanding. had OEG's million on hand

EBITDAre the billion, $X.X debt X.Xx. $XX million additional million approximately projects. other letters was retained net of an ratio of liquidity adjusted for available quarter, approximately $X available and restricted of credit. We total of cash to leverage maintenance net consolidated our total FF&E based net our end together, of Taken on was At outstanding the

are on pleased our quarterly We and continue represents shareholders continue as our to that taxable yield XXX% continued in payable income XX, the of support the yesterday's intention a X.X% dividends. quarter declaration growth dividend liquidity to to our capital through based to have our and business. To of on REIT allocation we increase announce to X.X% December $X.XX, of XXXX. closing January our fourth pay flexibility price. It of XX, priorities, end, record XXXX, the dividend to our of This and a of remains

we to million XXXX, year full capital invest the expect million. $XXX For $XXX of approximately to

As sports month. well this Rockies, will the much XXXX of which already our both Grand discussed, reopen space and activity in final of underway. spend. At Gaylord of business, Courtyard the Phase project, group X including Mark opened is complex, event is major incremental which repositioning underutilized bar at and and the completion. In a at into Lodge May additional repositioning, our of includes outlets Opryland, out-of-room of several nearing Colin currently end beverage this capital hospitality Gaylord is a new the driving pavilion Magnolia launch the food phase

are pre-function early of progressing well, space and to in renovation presidential the later into XXXX. complete begin rooms this expect XXXX. we by and of expect Renovation lobby first Gaylord the work is final of expect in project this there already teams we the year-end governor's We the renovation the scheduled month. also complete ballroom and the selling of At and quarter phase ballroom Palms, sales complete XXXX, this pre-function space and to improvements. Renovation Marriott these to is to early in the

reception. facing these last have mentioned, [indiscernible] partially X aspect of Entertainment completed, expected our At reopened well business, have completed year-end. is and every group rooms W Austin projects the within when and as early reopened positive concepts property least renovation at reaccelerates. In positioning the major be growth and the the have Colin will projects property, food As market Hotel, the been years, nearly to Orlando are refreshed the space public beverage both the by to of

will weekend. rooftop venue the in let's the quarter brands the the questions. Finally, is Category complete construction open on over up it that, our soft David, and of under XXXX. mentioned, as Colin opened XX first with first for The ongoing And

Operator

[Operator take Instructions] Patrick Scholes Truist. our question first from We'll with

Charles Scholes

like that? Good of year or X a looks in going your Thank I couple little is bit A X questions. morning, you. what And everyone. It have Can here. then you full CapEx is talk questions up. more guidance, driving

Jennifer Hutcheson

of We've not increase cash incremental is timing in that's caused million base that's scope that of spending the nor Sure. next It of of changed largely estimating $XXX for is increase projects into carrying the $XXX a the And whether a materially really, modest more or terms budget we're range. a the the carrying estimates this of year. have or individual a to projects that to cash now projects function our of changed. any timing million the just spend. of year we're payments, Again, function this into added

Charles Scholes

I've you pod from a color that. about you then at property. to media of would like to an be been reports And of some your property. that, topic, It target add-on on existing that? it a Okay. sort And on what would Anything reading type Colorado similar give potential us related seems some ROIC expansion can

do what that? with target So you

Colin Reed

-- were Pat, we've Well, all was projects Patrick, done big there. they mid-teens. like Morning, That X Colin.

mid-teens. All of them are

So bit you to Patrick color. little a want of give Scholes just

Patrick Chaffin

we and success Sure. that around just of Yes. the far, made potential to were internal we both conversations expansion. continue of group would to an opened, very that and Lodge the our to higher. meeting at perspective, pro teens. that it coming Directors The our we're explore property. level be And with pavilion assets mid- To point, formas return, in the like Board thus targeting are Colin's The are be to revisions rate that high or in Grand having teens. From to which months both in great expansion mid- that, we'll known high we expand we've exceeding

Colin Reed

this our reason -- on books, this And the portfolio, the books going across when strong on the and a 'XX, the nights our Patrick, reason the really, -- to out the we the the look Board look Scholes, for that about with is business for talk sticks reason, for Rockies. as Patrick XX to percentage the why available numbers you is really the room of are at having most hotel 'XX,

particular -- can well for Opryland. do something think excited like why positioning airlift, no at this I can't -- So physically over And when this about looks you And building reason say hotel this you've the very morph building. that before, look geographic heard us. we're the time, there's time long I this of us hotel, customer thing the term, reaction, this over this extremely think to

Mark Fioravanti

opened say to hotel originally going space The meeting it to only was thing carry expansion. is, had Patrick, I when that the

won't have most XXX made, the with So we we've capital additional investments space. food we've And recent and seats beverage hotel. meeting in add to about that added

well. have capacity as it food the So beverage and will

Charles Scholes

Okay.

So Or I us? early rooms, too maybe rooms? you mean XXX talking are ballpark X,XXX is it to give

Patrick Chaffin

Chaffin now is Patrick looking at this Patrick, is X-phased a What expansion. potentially again. right we're

first XXX would that way it back the And do economic when sense we down would expect, on performs the if expansion stabilizes and the first and performs. would we expansion rooms. makes second be based The expansion around come road how a

Operator

Woronka Bank. from We'll next question our Deutsche take Chris with

Chris Woronka

might with little the spend, just curious in seen which lower there's growth better much whether in to another levels maybe should I expect component So trade obviously past. and little on in out-of-room I'm lost impressive [indiscernible] consciously than favor bit but my really, is in leisure. begin are the and group of we slightly The is, you you question at performance OC as we point where a know to next OC is, rate? And but also that, the forward. be rate we've a quarter of the though question peak, related I at really And know rate a to that QX, to the

Mark Fioravanti

our rate get still, mean focused running driving can is hotels because is see I that Chris, obviously, with like on an we customer we're the out point, to delivering the aspirational the you we've and in of the pandemic, to and these feel XX% to But responding capital occupancy investments Well, value the that your really customer our goal we the to these made, consistently. bookings. to enhancements, coming

rate. trying -- ultimately we're of the don't that I a that, So ultimately, necessarily maximize at has And our and lower RevPAR demand we and yield look RevPAR grow. positioned in when you supply a to limited the a to that very occupancy that But hotel. our wouldn't total our at We're growth pretty peak to they're and I position. we're good and means relative continues in in segment assets assume how drive peers,

Patrick Chaffin

is thing a got to months would demand couple to we've pandemic The this I'd post seen only that Chris, levels pre-pandemic. back is add they out where where I Patrick. only that point of were

was going that nights we're And so type to future of or and room the better rate up and value we occupancy, investments demand that these you performance. doing weigh against well occupancy to room putting of both proposition in how improved as as to think worlds extremely we're as have we're continues have the hotels the teams best performance build where pre-pandemic, sales strong rate rate. And nights it that pleased and with on Mark's driving point, are back this especially to you in similar based where from even

Chris Woronka

curious [indiscernible], something you're whether there's any just right, quick Very I closer as is Okay. line. a so to any are conditions messaging update. certain San follow-up, on getting thoughts And the clear Diego, a if I'm you on come past -- to as it whether been only which in can curious less the across that there's conditions that's to are be of table the been have updated than did of lot whether I think -- last more your there. or just at finish likely good. our likely look the has pretty

Colin Reed

But it. do things changed. haven't mean I You

Mark Fioravanti

originating participation relative to opening fact, say would changed. of in we're their our closer any in that to asset sell really rate mean they hasn't I move our nights groups that Yes. numbers. And and the into I portfolio seen our that seeing position not as again, continue part and production we've a our to in at room that booking cannibalization premium. are hotel,

historically because been what it how us So we portfolio it consistent that it's the has is our we've and But at relates Diego the with other terms opened San the thought in with participating hotel relates its of kind distribution view operationally changed. as overall market, point this to experience as increased our properties. would performance of in the of when hasn't unfolding

Operator

question Smedes with We Citi. will Rose from our take next

Bennett Rose

wanted trends leisure a more bit about fourth some seeing just I little of you're you ask in to the the quarter.

some And but maybe around call, kind your in you in I seen maybe any discussion end lower consumer, of think you've just consumer last I weakness or talked higher kind to on the any was end changes of that about interested there. the customer? hanging

Colin Reed

you our very quarter a from fourth you as on of leisure is Well, fourth a Smedes, what demand biggest the indication know, Smedes little seeing to leisure the year is the give of we're want quarter It perspective. quarter. centric. Patrick,

Patrick Chaffin

metrics been on their until park this actualize. pacing opens our ICE currently segments held of consumer are that's waiting drain quarter have let at and that really our well. a seeing theme seen is saying steady. fourth in with Orlando speculation okay from the as market always trends lead challenge, market. Those are a and Smedes, that by market. The continued creating that continue. Epic we've the is the the that, me fact have look continues spillover year in result market into transient the Orlando we've Nashville indicators tickets year lot a the staying we Sure. next of transient greatest the that will can opportunity long Washington, lot perspective, primarily see how Denver, From at new been all expectations market pretty The doing previously. that Antonio a in perspective. of the the trends believe that has doing Dallas, San all the right performance some is same the Universal Studios the of D.C. to folks start

of that Now but night room that we've expectations. book believe perspective, total only packages we transient be booked expect for largely in doing we to about exactly our we're XX% pacing to will indicators do. From line tickets we're we are early the able quarter, what with a the

lower in side built trends the guidance in on that's expectations in on somewhat are reflected we've our transient in we've So expectations. Orlando, at based far And the thus primarily Nashville. we holding those seen

that packages days caution the Now a just experiencing we'll booked arrival, tickets to of and you lot of within X say ICE and days are portion event. XX booked are within greater even of

So we'll right actualize in will continue it where closely. that what to forecasts But believe our line are watch -- quarter. it for our with we and now, the guidance

Bennett Rose

then your it's to I fact, right. Chula wanted think impacting just you follow sounds understood you just -- your sure I wanted but not forward? make Mark, benefiting only is any up, And mentioned, in it you bookings that of bookings group Vista like and to I Not cannibalizing, going group

Mark Fioravanti

up far, that thus we've little over into originated portfolio have the Vista. about Chula mean from a I Yes. that nights picked rotated room XXX,XXX

that again. seeing book who historically, happens seeing in business. is location they've behavior you they that we're the brand experienced then what a it people like experience we're that though, rotational that, once -- look typically those So new When

percentage to that would and brand. you expect people over time as the experience increase asset the So

Colin Reed

This is exactly in what's happening Colorado.

Mark Fioravanti

D.C. Washington, Colorado happened also in and same thing the

Patrick Chaffin

the on a those nights about Pacific XXX,XXX booked room driven put come roughly brand those that point ADR X% room additional XXX,XXX fine and have it, versus into for nights the premium multiyear a on at in other have programs. to rest just And of

like gateway and the brand a enter this the So Diego, you when rate. at we've propensity groups about have those a through talked higher past higher to rate with market book high into the in San much

So portfolio the we brand the Gaylord entire believe term. and long that will benefit

Operator

Kesten question Fargo. Wells next our from take We'll Dori with

Dori Kesten

on group would revenue expect expectations Based bookings, the X% from pace with you for your QX to 'XX enter group what today?

Patrick Chaffin

that tell -- granularity. a quarter. know of I give you had don't I we to that prepared will level expecting we that are Dori, historic are we second

fact Third just to, production quarter that we came where in highest the our for for exactly October it best the And terms finished quarter second the rate came expected and the had October. at the achieved the second forward October ever bookings in history in ever, portfolio. quarter and we rate revenue of given ever. best the with highest production both of October in we

we I November volumes we'll closely, performance, the the books you turn Where the of both we'll are but really and right lead portfolio December and it's will a on tell ever funnel So revenue perspective, you tell rate. very occupancy from on year-to-date, that now, best would a solid watch I next very, performance. $XX history in the stand the in best believe and over on promising, by million we

on at pacing. we're and the some disruption from how are about we going effectively impact Opryland to on feel really So does have Texan, but manage based and believe solid that really we'll good bookings where bookings going work through 'XX going in are come very in. to XXXX And turn of

Dori Kesten

those $XX expect year? a anniversary you'll maybe more would million guess on on I And Okay. XXXth for. entertainment. to $XX million about then little been that to that then Would renovation reverse? And in fully then bit just on that, that, can next there's provide expect guess, of I headwinds you you top think versus I receive it's tailwinds more you headwinds tailwinds context And of the

some headwinds should think of provide we year. kind just tailwinds of context next around and So the

Colin Reed

his think it books at underway and dividends tracking room in on T+X said absolutely Patrick Mark also right pay that our this business for the at you that XX% when books we refurbishment will piece, I as have do growth Chaffin year. year, X you'll disruption And The next will when wise, in table in Texan the but huge to show up. the did transformation now on we Opryland and deliver we this And I 'XX guidance is he next February, entertainment. -- revenue hotel major 'XX. And will year-over-year. And nights see to basically suspect said, also that's and decent have that the growth year-over-year

we now doing, will of we underway program which business come this that, lift in we next are and out to of going very, refurbishment the come As be we're our year as right hotel be that out good. also very

Jennifer Hutcheson

implications No, we of I data right is And T+X, flow $X.XX T+X, for what's increase free point we put for right. rooms in The terms fact the we revenue. did we'll T+X just year. now in to our read as on that given generate think on of expectations the that's next that of cash books that and declare dividend, finer have point again has again, a the in through a that. quarterly that terms to our contracted And

Operator

take Shaun of our America. question Kelley with We'll next from Bank

Shaun Kelley

that you've Because again, you the big been enough else different behavior was expected? things didn't on a here. impact to you fourth there expectations exactly comment actualize changed were clearly, go we as I leisure to back a was kind go higher Was bit the to in outlook. rebound? the Or when what bit kind not the and trying said, it of to my April this outlook what back still started really than to we but maybe arms it just something little in maybe Patrick's the will could, really but a weaker. is coming that leisure I'm to we that around think that's derisk just of that year, just if that ultimately quarter different get point than experiencing, mean and I of a change I leisure wanted that's clarification, on discussion, was of that

Mark Fioravanti

the the summer, I moved year. I it we've into think, we we then increases. And started as Yes. we've moved as saw point, continued some to your mean in softness through really spring. see, To

As there. A portion guidance, really we there's -- really adjustments it we it Hurricane it's components leisure, also the also to to of Milton. but X some relates the impacts have of disruption, the is incremental have and

So down. X/X, break when almost they're of X/X really the kind numbers you X/X,

look So the that is not guidance -- the at as year strictly not we're it's rest making change the leisure. we the of

Colin Reed

Mark world very fourth dissected quarter we're the look, you rounding thinking when that no group is fourth out the what the to that this modification apart a tremendous. as this the guidance is at is not going be last is change minimis. -- in company, modification. to laying are the minor when our fourth -- we're year, here. going growth over de is are quarter. And in the the It's quarter real show at -- for making to substantive of there's These and And of really expect reality year. our No. growth And good happen about we and to EBITDA look trends leisure you to The which in precise trying year-over-year that the look trends, is falling quarter, fourth for we're our errors said, you

Mark Fioravanti

and have heavy The is us it's we of so leisure where least visibility. other is for challenge QX the amount

XX booking folks mentioned, days. most Patrick As within are

sitting mindful XX% we're on and today of So to provide right risk be the -- level about here with And the trying the guidance. so of of books. business we're the appropriately

Shaun Kelley

you've of next kind sort have I year know the the kind little I and If that where about follow-up, people pace people a think bit budgets. we're a just as of just think books. of to for formulating got earlier group the on terms hit we bridge starting -- a are of season operating on cost into get about question the that outlook, in then And

expenses side, are Kind your about thinking there for and is next model you of in inflationary what of be the right general operating particular, for range on think out kind Just your you labor what do to year? seeing in markets? the

Colin Reed

question. a That's good

to take and and hotel the You want we're between nonunion Patrick, seeing. Union breakdown what side,

Patrick Chaffin

Yes.

we point, that happy been ratified. has hotel. one Colin's agreement to Level with have to finalized XX. report our I'm So we negotiations The have Union

pleased agreement have place. We're results, bargaining the a pleasantly collective with in X we say that, it's when -- over we're we X% of the new a years. course So about CAGR

long-range growth expectations that our fully feel our wages. we next So have comprehended in labor year for and that plan

than seen side, what but On budgeting we've over the we a past through years. growth the the with much nonunion are rate process going more right Marriott now. moderate few

and feel 'XX 'XX wage and increase appropriate side. on in 'XX, not So finishing made up steep the we as that here of the increases we've 'XX 'XX, 'XX, will see that in an quite

that surprises any we got the we've give in we what we've significant get the see seen nonunion in and in February with perspective, and when years. but don't you finalized wages union lower from budgeting Marriott, it we color and growth to a side, a more level great process So feel than few locked we much of I'll the past

Colin Reed

been Would we've wage margin to our this materially pressure, last because though in seen Patrick more of the efficiencies. increase we've couple even comment happened dealt you the business and our Because also of here business with to more on margin-wise Shaun over able what years? hotel we've has

comment you maybe on just that, could too. So

Patrick Chaffin

one, X job, in a were teams there management revenue to I we've well want rate position increases puts lot margin. Number and both things complement rates the these the show to more as seeing would that still teams call to and out that. Yes, driving successfully as sales absorb and and I done you're really a us a drive more of up. wage great group leisure phenomenal And of in

wages to is as up. wage second margin Colin's improved our even point, The were going we

So side more We we on the management became nonmanagement did that more well side. as the efficient. as both and

we even and feet to additional partners say Marriott's of to been efficiencies -- agreed-upon add fair helping rationalize we've gain and able fire we and management be stars of back all And hold the in reassess as our proved to care and as an many COVID. I to up. think great post So wages positions it's to held taken gone level they us how far the to great have we've as so

business, business with margin. management of efficiencies the the And so the gained been drive room nonmanagement and able in to rates side terms both we've and of in

Mark Fioravanti

year-over-year, we're our XX points, will At on X.X growing RevPAR X%. of midpoint guidance, that's of margin growth be for and the up a same-store midpoint basis our point and

So the been margin terrific very team has done very, a job. has management The good.

Patrick Chaffin

going would identified we January to add transient that soft. early to I in be that, was And

to to short-term short but great some some the term, And plans, long place term, in business light manage and us. that of so in to were closely very paid very, profit has continuing headwinds, worked for dividends the improvement putting start with properties make sure we that

Colin Reed

to about want the comment. you us we I a while. get for I quite been heard have we add Mark on business this around XX% And Shaun, just will business, sustainable last want hotel years, a this at with one over you've were If talk and sideways. But in I to may, And 'XX, look that our get we COVID margin. were we to company obviously we're you XX%, for of at pushing XX.X%. sort if our And tear were the in of Mark the as at done a of when look not at 'XX, guidance, XX% consolidated EBITDA you pre-COVID, midpoint said, margin.

job. I done, think wage have stuff, our our good both teams this business entertainment of hotel a business and our all in So really

Operator

from [Operator next Instructions] Wedbush. our question We'll with take Kornreich Jay

Jay Kornreich

As those and just kind that of the and future you're to group bookings among into robust from outlined, rate most years getting you're corporate some comment you on you been push the you've demand able where experiencing can segmentation customers? associations

Patrick Chaffin

would tell our the has I Yes, been board. focus across that you

from I A side, side. But made bit the where examples. so -- and that years that decisions the association It's not about, the lower tell some investments the on going X of up you tougher And you to in sharing groups the was would rated. you going given greatest the we've associations some were said success. that to these Obviously, probably the maybe to harder rate on with and is couple the for tough value really some corporate we've talked some of goodbye sell. little that have of we've to them by the past a go give have groups [indiscernible] all of proposition improvements

groups for ways if low offer around for as we them rate have a asking, as good what can a parted take with you're luck a find proposition they you we you. what and few told And look a that's and to better value

And some have way. groups those own of their gone

Some to actually have come them of us. back

it obviously a we've sell, corporate both both tremendous our have tough great So corporate you that's we the side. but value and have and investments. and on association SMERF own success full decisions, because how is is made court SMERF with these some recognizing improving press, success It easier the on association in on had

Mark Fioravanti

more this with the to manage one what of is ways of the rate-sensitive some travel groups one. they And Jay, date

just a a these rate-sensitive us obviously, them not it's teams work things rate, works every that to during groups one pattern well. the that with hopefully -- -- for and the it's not travel So is do of so pattern. travel more sales And accommodate for consistent as

Colin Reed

one At for they days couple this done rate of to has educating dollars at group at they on on a of want experience. upgrade that XX Chaffin Well, want work And we've here our I which historically better the the a give been with these you that the spent groups And of team a it's here here. we quality educate of and XX,XXX us Opryland. of nights out transformation booked a been at hotel them. Patrick example. Opryland something working all been in an millions Chaffin new the place us the Nashville. the have I taken your the pushed basically within not asset because millions give had March. brought CEO this to just hotel, a the properties. you and of Patrick the hours with And is. for add individually structure them it these to October. But of you our it month when fill that here here have rated. we We've association, low choke in folks, folks that's going a group with up started for make and to years, we [indiscernible] day, and association X has they I'm into room end of investment and tell had long-standing to give shout you group to want I'll I management to

in role here and team, of to the growth. his out shout big Patrick continuation rate this they played So a but

Patrick Chaffin

So Jay, this. just to on put point one final

booked year-to-date this and look growth periods, almost rate future that through for have and production that's September, Corporate SMERF periods. all year was Association year at growth everything for rate future you in for the for identical rate this been all booked If

with pleased hit are appropriately how court very fronts. on the of we all improved a it's again, sales with And the proposition them team all from press this full value has investments. So

Jay Kornreich

third EBITDA the the to some there's side. color. back looks then sequential and entertainment in quarter all And one Great. Appreciate on softness margins. going follow-up It the like just

curious And so fourth expect attributed pickup and if to in expand just on if that maybe was a you you can what quarter. the

Mark Fioravanti

the Well, some this closed sort is looking versus Hotel related being disruption $X softness disruption disruption, W of then Wildhorse opened year million the last we being year. And at million well. have sequential $XX you're the the of to to of the as

third for those that year-over-year reasons components on the in So of the a change some X basis quarter. were predominantly

Jay Kornreich

Okay.

up expect as the to? fair So that up? with you quarter it's in just to I now quarter were And expecting on then fourth [indiscernible] the following to better, bit it especially has where a came that, say third guess do opened you be

Mark Fioravanti

the open, partner, but opening, and No, Luke very market. It's up a concept as just on the other or to It XX. obviously multifaceted Broadway property extremely few relative well fantastic unique incredibly building mentioned, Category that Combs about expectations. Yes. opened excited our distinctive Colin any of and days we're entertainment that a above is and is in

of particular asset. encouraged potential incredibly the by we're that So

Colin Reed

there we'll it are one If down. we'll shut take more if David, not, more. any questions,

Operator

no And questions you. there at time. I this line the return are the on further to program

Colin Reed

thank year then everyone. And time the you couple beyond. the getting and it. But shape, any out team forward how good of Excellent. get we the and through you. close you Appreciate of in next this have articulated. All is as hold to taking for as right. Well, questions, The and months articulating everyone, us. if we really you, David, thank business 'XX thank further to look morning you, the know

Operator

program. conclude may and disconnect. participation, your you today's for does you this now And Thank

Ryman Hospitality Properties (RHP) 5 Nov 242024 Q3 Earnings call transcript